ABP, Allianz and ING financing the climate crisis
New research published by the Fair Finance Guide Netherlands shows that five years after the Paris Climate Agreement, Dutch banks, insurers and pension funds are still investing much more money in fossil fuels than in sustainable energy. At the end of 2020, 88% (34.3 billion euros) of their investments in the energy sector were in coal, oil and gas. With regard to lending and underwriting services, between 2018 and 2020 69% (9.1 billion euros) went to fossil fuels.
The main financiers of fossil fuels are ING, insurers Allianz and Aegon and pension funds ABP and PFZW. The Fair Finance Guide Netherlands is calling for a climate obligation that ensures that financial institutions stop financing fossil energy.
The report can be downloaded here.